If I am not mistaken, the strongest earthquake ever proven to be related to fracking was around a 4.0. Given the pickle we are in, I would take a lot of Geothermal with a few quivers without too much concern.
Exactly Ranman. The risk of harmful earthquakes is negligible. And if they do happen, and cause damage, there's always insurance. Some fund or insurance to compensate for damages will have to be created. Just in case. But the risks are very minimal compared to oil fracking, air pollution, and climate change.
I was looking for energy prices. Can someone help me with this? I know these numbers are posted here sometimes, but I can't find them. Is there a recent list with energy price in MWh? I don't believe what copilot is saying here for EGS. If that were true, that would be tremendous.
But I do see that battery, nuclear, and offshore wind are all above $100/MWh. So, to be commercially successful, EGS needs to be below $100 to be successful. Fervo is below $200 right now. They said they've already made huge improvements since then, so they're on their way to $100 by next year. So where does copilot get a price of $36.40/MWh for EGS? Can someone help me out with these prices? Are batteries and offshore doomed to fail if they can't drop below $100/MWh?
Here are the current average costs of electricity production per megawatt-hour (MWh) for various energy sources from Copilot:
### Renewable Energy Sources
1. **Solar (Standalone)**
- **Cost**: Approximately $32.78 per MWh⁵.
- **Notes**: Solar energy costs have decreased significantly over the years, making it one of the most affordable renewable energy sources.
2. **Wind (Onshore)**
- **Cost**: Around $36.93 per MWh⁵.
- **Notes**: Wind energy is one of the cheapest renewable sources, especially onshore.
3. **Wind (Offshore)**
- **Cost**: Generally higher, around $120 per MWh¹.
- **Notes**: Offshore wind is more expensive due to higher installation and maintenance costs.
4. **Enhanced Geothermal Systems (EGS)**
- **Cost**: Around $36.40 per MWh⁵.
- **Notes**: EGS is a promising technology that can provide a stable and continuous power supply, but it is still in the early stages of widespread commercial deployment.
### Conventional Energy Sources
1. **Nuclear**
- **Cost**: Approximately $92 per MWh¹.
- **Notes**: Nuclear power is reliable and provides a steady baseload of electricity, but it has high initial capital costs and long construction times.
2. **Natural Gas**
- **Cost**: Around $59 per MWh¹.
- **Notes**: Natural gas is a flexible and relatively low-cost source of electricity, but it is subject to price volatility and emits greenhouse gases.
3. **Coal**
- **Cost**: Approximately $109 per MWh¹.
- **Notes**: Coal is a traditional energy source with high emissions and environmental impacts, and its use is declining in many regions due to environmental regulations.
### Emerging and Other Energy Sources
1. **Biomass**
- **Cost**: Around $95 per MWh¹.
- **Notes**: Biomass can be a sustainable energy source if managed properly, but it can also have significant environmental impacts if not sourced responsibly.
2. **Hydropower**
- **Cost**: Approximately $50 per MWh¹.
- **Notes**: Hydropower is a reliable and low-cost source of renewable energy, but it is limited by geographical and environmental constraints.
These costs can vary based on location, technology advancements, and market conditions. If you have any more questions or need further details, feel free to ask!
Source: Conversation with Copilot, 10/27/2024
(1) Types of Energy Ranked by Cost Per Megawatt Hour.
https://solarpower.guide/solar-energy-insights/energy-ranked-by-cost.
(2) Today in Energy Daily Prices - U.S. Energy Information Administration (EIA).
https://www.eia.gov/todayinenergy/prices.php.
(3) Exploring Wholesale Energy Price Trends - Lawrence Berkeley National ....
https://eta-publications.lbl.gov/sites/default/files/rewep-2024update_tech-brief_20240429.pdf.
(4) Real-Time Electricity Tracker – Data Tools - IEA.
https://www.iea.org/data-and-statistics/data-tools/real-time-electricity-tracker.
(5) Energy Prices - Data product - IEA.
https://www.iea.org/data-and-statistics/data-product/energy-prices.